The S&P 500 closed at 7,728.20, down 24.91 points, or 0.32%, on the day. Breadth told a different story than the headline number: 276 of the index's 503 members finished higher, a majority, even as the index itself slipped. The equal-weight version of the index actually rose 0.2%, underscoring that this was a session where a handful of large names pulled the cap-weighted benchmark down while the median stock held up fine.
The drag came almost entirely from a small group. Alphabet's two share classes together subtracted 16.31 points from the index, with GOOGL down 3.84% and GOOG down 3.61%. Amazon took off another 6.70 points on a 2.09% decline, and Apple shed 5.73 points on a 1.09% drop. Broadcom rounded out the top five decliners. On the other side, KLA added 1.12 points after a 4.01% gain, with Meta, Micron, AMD, and Arista also finishing green, but none of those gains came close to offsetting the losses at the top.
The Dow
The Dow closed at 53,791.85, down 184.13 points, or 0.34%. Unlike the S&P, breadth here was actually negative, with only 13 of 30 members higher, and concentration ran to 107%, meaning the index's decliners did more damage than the net move implies once the gainers are subtracted back in. Alphabet again led the losers, costing the Dow 81.55 points on that same 3.84% drop. Honeywell was close behind, down 5.27% and worth 76.14 points, the steepest single-stock percentage loss of the day among the index's heavyweights. UnitedHealth, Amazon, and Apple filled out the rest of the drag. Caterpillar was the best-performing name, adding 34.41 points on a 0.69% gain, with Home Depot, JPMorgan Chase, IBM, and American Express also higher. The divergence from the S&P is clear: this was a Dow session where losers actually outnumbered winners, not just outweighed them.
The Nasdaq 100
The Nasdaq 100 closed at 29,525.48, down 96.32 points, or 0.33%. Breadth here sat in the middle of the pack, with 55 of 102 members higher, and concentration at 83%, the lowest of the three indexes today. Alphabet's two classes together were responsible for 65.40 points of the decline, by far the largest single driver in any of the three indexes. Space Exploration Technologies added another 14.46 points to the drag on a 3.93% decline, followed by Amazon and Apple. ASML was the standout gainer, up 3.8% and adding 5.11 points, with Meta, KLA, Micron, and AMD also positive. The Nasdaq's story diverges from the Dow's in one key way: even with Alphabet doing more damage here than anywhere else, the equal-weight return still came in positive at 0.11%, meaning the broader tape underneath the mega-caps was not nearly as weak as the headline suggests.
The sectors
Among the 11 sectors, the split ran roughly down the middle, with commodity-linked and defensive groups outperforming and growth-oriented ones lagging.
Energy was the strongest sector, up 1.25%, led by Marathon Petroleum's 5.03% gain. Utilities followed close behind at 1.16%, with Constellation Energy up 2.93%.
Real Estate was the weakest sector, down 0.72%, with Welltower falling 3.84% and doing most of the damage. Communication Services was close behind at negative 0.50%, unsurprisingly tied to Alphabet's drop.
None of today's index moves were large by the usual measure. The S&P 500's move sits at the 27th percentile of the past year, the Dow's move sits at the 27th percentile as well, and the Nasdaq 100's move sits at the 33rd percentile. All three are well below the 85th-percentile threshold that would mark an outsized session, which fits a day defined more by concentration in a few names than by a broad market swing.
The numbers
- The S&P 500 closed at 7,728.20, down 24.91 points, or 0.32%, with 276 of 503 members higher.
- The Dow closed at 53,791.85, down 184.13 points, or 0.34%, with only 13 of 30 members higher.
- The Nasdaq 100 closed at 29,525.48, down 96.32 points, or 0.33%, with 55 of 102 members higher.
- Alphabet's two share classes together subtracted 16.31 points from the S&P 500 and 65.40 points from the Nasdaq 100.
- Honeywell was the single largest drag on the Dow in percentage terms, falling 5.27% and costing the index 76.14 points.
- Caterpillar was the Dow's top contributor, adding 34.41 points on a 0.69% gain.
- Energy was the day's strongest sector, up 1.25%, led by Marathon Petroleum's 5.03% gain.
- Real Estate was the day's weakest sector, down 0.72%, led lower by Welltower's 3.84% decline.
- The S&P 500's move ranks at the 27th percentile of the past year, well short of the 85th-percentile bar for a large move.
From Babylon Burns
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